Bitcoin – $20K Incoming Soon?
With Bitcoin at $15525 atm, will we see $20K soon? $20K or a correction incoming?
Bitcoin price gets closer to the last big hurdle before $20,000
“The weekly chart of Bitcoin is showing the final hurdle before the new all-time high can be reached, as it’s facing the resistance zone between $15,800 and 16,800.
The probability of a breakthrough in one go is not high, given that the price of Bitcoin has already surged by more than 50% in recent weeks.
Since the rally may now be overextended, as several indicators suggest, it’s unlikely to anticipate further continuation. In other words, traders will likely be taking some quick profits after such a huge rally in a short period of time.
Therefore, the most likely support zone based on the weekly chart is found at the $11,600–12,000 area. This zone has been a crucial resistance to a breakthrough in the previous years, as Bitcoin’s price has been constantly rejected in this area. A support/resistance flip in this area would be relatively healthy.”